Dunwoody, Ga. – October 24, 2011 - The City of Dunwoody has concluded negotiations with Cortland Partners, LLC and plans to acquire 42 acres of land for $19,000,000 on Peachtree Industrial Boulevard for the development of a consolidated sports complex. The new sports complex would replace the existing 519 unit Dunwoody Glen apartment complex. In addition to the new sports complex, in the Letter of Intent, Cortland Partners agrees to demolish and redevelop the adjacent 266 unit Lacota Apartments Complex into owner occupied housing in concert with the development of the sports complex. The total site includes 63 acres and over 785 existing apartment units.
“This purchase sets in motion the accomplishment of many of the goals in our adopted Parks, Recreation and Open Space Master Plan,” said Mayor Ken Wright. “It provides us with adequate space for a much needed sports complex to meet the needs of our youth as well as freeing up Dunwoody Park for the expansion of the Dunwoody Nature Center.”
Mayor Wright continued, saying, “The City regrets the need to displace residents (785 apartment units), however, in a built out environment like Dunwoody, we have found it challenging to locate a sufficient amount of vacant land for the athletic facilities desired by the community. The City will work with Cortland Partners on a transition plan for the current residents, which includes 560 school age children who are in the Dunwoody cluster; all current leases will be honored without the threat of early cancellation.”
This purchase is contingent upon the passage of the Parks Bond for Acquisition (Nov. 2011). If the referendum fails, the City will drop the contract without financial penalty.
City Manager Warren Hutmacher explained, “Combined with the 19 acres under contract on North Shallowford Road, with this purchase the City has identified for the voters 61 acres of property that will be purchased if the Parks Bond Acquisition referendum passes. This deal provides an assurance to the voters for how over 75% of the bond funds ($25,000,000 out of $33,000,000) will be spent.”
Mr. Hutmacher continued, saying, “The remaining bond funds will likely be spent on some smaller neighborhood parks and the acquisition of land for a ’Town Green’ in Dunwoody Village. This purchase provides transparency for the citizens of Dunwoody; when the voters go to the polls, they will now know what properties will be purchased if they approve the Parks Bond Acquisition referendum.”
For more information please contact City Manager Warren Hutmacher, at 678-382-6700
- City Purchase: The price negotiated is $19,000,000 for the 42-acre property (Dunwoody Glen Apartment Complex); approximately $450,000 per acre.
- Private Sector Involvement: Convert adjacent existing 21-acre parcel (Lacota Apartments Complex) into owner occupied housing. Total Project: The total site includes 63 acres and over 785 existing apartment units.
- Bond Vote Transparency: The City has secured 61 acres to be acquired if the bond referendum passes. This purchase identifies how 75% of the bond funds will be spent in advance of the vote. Remaining funds likely will be spent on a Town Green for Dunwoody Village and smaller neighborhood parks.
City Purchase: 42-Acre Property
- Current: The 519-unit apartment complex is currently over 94% occupied and is not in fiscal distress. The property recently appraised for refinancing for over $22,000,000.
- Purpose: Development of a sports complex, which may include walking trails, playgrounds, pavilions and restrooms and at a minimum, fields suitable for baseball, softball, soccer, lacrosse, and football. This acquisition sets in motion plans to relocate the baseball fields from Dunwoody Park (on Roberts Drive) to this new complex. Dunwoody Park would then be converted to a neighborhood park and allow for the expansion of the Dunwoody Nature Center.
- Financing: On November 8, 2011, voters will consider a Parks Bond for Acquisition. This purchase is contingent upon the passage of the Parks Bond for Acquisition. If the referendum fails, the City will drop the contract without financial penalty.
- City Council Authorization: The City Council authorized the City Manager to execute a Letter of Intent for the property and schedule a Public Hearing for November 14, 2011.
- Due Diligence: Upon execution of a sales contract the City will commence its due diligence to include at a minimum an environmental assessment, two appraisals, a survey and a title search.
- Planning: A final site plan for the sports complex will be completed with significant public input in early 2012.
- Plan: Cortland Partners, LLC owns a 21-acre parcel adjacent to the Dunwoody Glen site, which includes 266 apartment units. They have agreed to work in partnership with the City of Dunwoody to develop this site into owner occupied housing (# of units not determined at this point) as the 42 acre site is converted into a sports complex.
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